The Pensions Regulator has released its latest compliance and enforcement report for the period 1st January 2016 to 31st March 2016.
The latest figures show that whilst compliance rates remain high, there has been a significant increase in the number of escalating penalty notices issued by the regulator in comparison to previous periods. There were 96 escalating penalty notices issued in the last 3 months, compared to 24 in the previous 3 months and 127 in total since the auto enrolment duties were introduced in 2012. The escalating penalty notice is £500 per day for an employer with between 5 and 49 employees.
The figures also show that 806 employers in the period were handed a fixed penalty of £400 for non-compliance with the duties.
Source: The Pensions Regulator. Please click here for more information.
The Pensions Regulator’s message remains that if things aren’t going well, then you should speak to the regulator.
